The Korean firm that launched Ok-pop sensation BTS is shopping for for $1.05 billion a star-studded US media group behind the careers of worldwide stars Justin Bieber and Ariana Grande.
Massive Hit Leisure, which is altering its title to HYBE, is investing 1.07 trillion received ($950 million) into its US unit to accumulate Ithaca Holdings LLC, father or mother firm of Atlas Music Publishing. Atlas additionally owns the rights to music by Brandi Carlile, Andrea Bocelli and the again catalog of rock group Van Halen. Massive Hit pays a complete of $1.05 billion to shareholders and bondholders to buy Ithaca, in response to a regulatory submitting in Seoul.
The acquisition of Ithaca, headed by US report govt Scooter Braun, could be the primary main foray into the US marketplace for Massive Hit Leisure. Braun, presently Ithaca’s chief govt officer, will be a part of the board of HYBE, and Ithaca artists will take part within the capital enhance of HYBE to additional strengthen the ties between the 2 corporations.
The corporate helped popularize Ok-pop, including to the rising world visibility of Korean leisure corresponding to movies like “Parasite,” the winner of this 12 months’s Academy Award for greatest image.
BTS’s “Dynamite” topped the Billboard’s Scorching 100 in 2020, the primary Asian act to be No. 1 on the US Music chart since Kyu Sakamoto’s “Sukiyaki” held the No. 1 spot for 3 weeks in 1963.
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